London – May 23, 2019 – His Excellency Mr. Azzam Shawwa, Governor of Palestine Monetary Authority, and accompanying delegates met with British bankers and representatives of Arab and Palestinian financial institutions in Britain. Mr. Shawwa briefed them about the soundness and strength of the Palestinian banking system. The delegates included Mr. Wael Lafi, the Financial Follow-Up Unit Director, Rola Ma’louf, Director of Governor’s Office, GIZ representative, and the Palestinian ambassador to Britain – who attended a number of the meetings.
Mr. Shawwa and the delegates met with London Mayor and executives from the Bank of England to discuss the financial technology experience of the Bank of England and how it facilitated supervision over banks. Mr. Shawwa and the delegates also visited the museum of the Bank of England where British currency and the history of the Bank of England were exhibited.
Mr. Shawwa and delegates also met with Chief Executive of the Arab British Chamber of Commerce and his Deputy, officials from the Her Majesty's Treasury, Financial Services Authority, and the UK Financial Intelligence Unit to discuss combating money laundering and terrorism financing. Mr. Shawwa and delegates also met with Palestinian business people at the Palestinian British Business Council.
The Palestinian delegation addressed a number of issues during the meetings including the role of Palestine Monetary Authority and function of supervising banks, enhancing financial inclusion, enhancing the rules and regulations of combating money laundering and terrorism financing, and ensuring that Palestine Monetary Authority was the cornerstone of economic stability and growth in Palestine. The delegation also addressed the need to boost relations between the financial sector in Palestine and the United Kingdom and initiatives that supported the Palestinian economy through provision of financial and technical assistance to Palestine and to be briefed about the British experience in electronic financial services (Fintech). The delegates had Iftar with representative of the Palestinian community in Britain.
Palestine Monetary Authority organizes similar visits and meetings to introduce the Palestinian banking sector and to enhance bilateral relations and brief international organizations and decision makers about the efforts of the State of Palestine to implement the best international practices and standards in the banking business.